Japan Likely to Abandon N-Plant Project in Turkey

Tokyo, Dec. 4 (Jiji Press)--A Japanese public-private project to export nuclear power reactors to Turkey is likely to be abandoned due to swelling construction costs, informed sources said Tuesday.
The Japanese government and Mitsubishi Heavy Industries Ltd. <7011> are in talks with the Turkish government over the project, the sources said.
The estimated construction costs more than doubled from the initial projection of 2 trillion yen, because stricter safety measures became necessary after the March 2011 meltdowns at Tokyo Electric Power Company Holdings Inc.'s <9501> Fukushima No. 1 power plant.
Mitsubishi Heavy submitted a feasibility report to the Turkish government at the end of July this year.
A decline in the Turkish lira has made it even more difficult to secure the profitability of the project.